Engie SA, the French utility formerly known as GDF Suez, is seeking to expand its footprint in China, and will consider purchasing a company with existing assets in the country.

“We have quite some ambition in China,” said Charlotte Roule, CEO at Engie China.

The company is involved in decentralized heating and steam generation and wants to grow its Chinese solar power business, targeting a capacity of 4 gigawatt in solar by 2020.

Engie could either expand its five projects or buy a competitor, Ms. Roule said in an interview with CFO Journal, alongside the World Economic Forum’s Annual Meeting of the New Champions in Dalian.

Ms. Roule said she wanted to lobby for stronger investments in the country during an upcoming China visit by Engie global CEO Isabelle Kocher.

Recent regulatory changes, such as to rules governing payments for the renewable energy they generate have cast doubt on how foreign energy firms see the Chinese market, Ms. Roule added.

“China can be perceived as risky. It is my role to showcase why this is not the case,” she said.

Engie is considering so-called panda bonds, debt that is denominated in Chinese yuan but sold by a non-Chinese company, to finance its projects in China. These bonds allow foreign companies to tap local debt markets without getting caught in China’s capital controls, which limit how much money can leave the country.

“This is one of the options we are exploring,” Ms. Roule said. So far, China’s capital controls, introduced in the fall, have not impacted Engie’s China business, she said.

Ms. Roule declined to state how much Engie is looking to spend. The company reported global revenues for the first quarter of €19.5 billion ($22.0 billion) at the end of March.

Whatever route Engie follows, it needs local partners to expand. Chinese regulations preclude foreign energy firms from being the majority shareholder of a power plant in cities with more than 500,000 inhabitants.

“That applies to nearly all Chinese cities,” Ms. Roule said. The company is headquartered in Beijing and operates offices in Shanghai, Chongqing and Chengdu.

To lure potential partners, Engie can offer new technologies as well as capital. Still, the European utility may not deploy technology it considers core in the country. Western firms have for years struggled with violation of intellectual property rights in China.